Accounting Chapter 1 Homework Dakota Rowe Capital April 30

Type Homework Help

Pages 10

Words 1720

Textbook Accounting 26th Edition

Authors Carl S. Warren, James M. Reeve, Jonathan Duchac

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CHAPTER 1 Introduction to Accounting and Business

Prob. 1–3A (Concluded)

4. (Optional)

Cash flows from operating activities:

Cash received from customers $110,000

Deduct cash payments for expenses

and payments to creditors* 112,400

RELIANCE FINANCIAL SERVICES

Statement of Cash Flows

For the Month Ended July 31, 2016

CHAPTER 1 Introduction to Accounting and Business

Prob. 1–4A

+=+ – + –– –– –

(a) + 25,000 + 25,000

(b) + 1,850 + 1,850

Bal. 25,000 1,850 1,850 25,000

Bal. 23,800 1,850 650 25,000

(d) + 41,500 + 41,500

Owner’s Equity

Supplies

Accts.

Payable

Liabilities

Pat Glenn,

Capital

Sales

Comm.

Salaries

Exp.

Supplies

Exp.

Misc.

Exp.

Rent

Exp.Cash

Pat Glenn,

Drawing

Auto

Exp.

Assets

CHAPTER 1 Introduction to Accounting and Business

Prob. 1–4A (Concluded)

Sales commissions $41,500

Expenses:

Salaries expense $5,000

Rent expense 3,600

Pat Glenn, capital, July 1, 2016 $0

Investment on July 1, 2016 $25,000

Net income for July 27,350

Cash $48,050 Accounts payable $ 650

Supplies 950

HALF MOON REALTY

Income Statement

For the Month Ended July 31, 2016

HALF MOON REALTY

Statement of Owner’s Equity

For the Month Ended July 31, 2016

HALF MOON REALTY

Balance Sheet

July 31, 2016

Assets Liabilities

CHAPTER 1 Introduction to Accounting and Business

Prob. 1–5A

1. = +

Cash +++

Supplies Land

Owner’s Equity

Accounts

Payable

Assets

Accounts

Receivable

Liabilities

Joel Palk, Capital

CHAPTER 1 Introduction to Accounting and Business

Prob. 1–5A (Continued)

2. = +

=+ –

Bal. 45,000 93,000 7,000 75,000 40,000 180,000

(a) + 35,000 + 35,000

Bal. 80,000 93,000 7,000 75,000 40,000 215,000

(e) + 2,500 + 2,500

Bal. 56,125 93,000 9,500 125,000 42,500 215,000

(f) – 22,800 – 22,800

Bal. 33,325 93,000 9,500 125,000 19,700 215,000

(g) + 84,750

Owner’s Equity

Accts.

PayableCash

Assets

Accts.

Rec.

Liabilities

Supplies Land

Joel Palk,

Capital

Joel Palk,

Drawing

CHAPTER 1 Introduction to Accounting and Business

Prob. 1–5A (Continued)

+–

–

–– – – –

Bal.

(a)

Bal.

(b)

Owner’s Equity (Continued)

Utilities

Exp.

Supplies

Exp.

Dry

Cleaning

Revenue

Dry

Cleaning

Exp.

Wages

Exp.

Rent

Exp.

Truck

Exp.

Misc.

Exp.

CHAPTER 1 Introduction to Accounting and Business

Prob. 1–5A (Continued)

Dry cleaning revenue $116,875

Expenses:

Dry cleaning expense $29,500

Wages expense 7,500

Joel Palk, capital, July 1, 2016 $180,000

Additional investment during July $35,000

Net income for July 63,775

Cash $ 95,325 Accounts payable $ 49,200

Accounts receivable 89,750

Supplies 5,900

Balance Sheet

July 31, 2016

Assets Liabilities

Owner’s Equity

D'LITE DRY CLEANERS

Income Statement

For the Month Ended July 31, 2016

D'LITE DRY CLEANERS

Statement of Owner’s Equity

For the Month Ended July 31, 2016

D'LITE DRY CLEANERS

CHAPTER 1 Introduction to Accounting and Business

Prob. 1–5A (Concluded)

4. (Optional)

Cash flows from operating activities:

Cash received from customers* $120,125

Deduct cash payments for expenses

and payments to creditors** 42,800

Net cash flows from operating activities $ 77,325

Cash flows used for investing activities:

D'LITE DRY CLEANERS

Statement of Cash Flows

For the Month Ended July 31, 2016

CHAPTER 1 Introduction to Accounting and Business

Prob. 1–6A

a. Fees earned, $750,000 ($275,000 + $475,000)

b. Supplies expense, $30,000 ($475,000 – $300,000 – $100,000 – $20,000 – $25,000)

c. Dakota Rowe, capital, April 1, 2016, $0; Wolverine Realty was organized on

April 1, 2016.

d. Net income for April, $275,000 from income statement

e. $650,000 ($375,000 + $275,000)

CHAPTER 1 Introduction to Accounting and Business

Prob. 1–1B

Assets = +

+ +=+ –+ –––– –

(a) + 50,000 + 50,000

(b) + 4,000 + 4,000

Bal. 50,000 4,000 4,000 50,000

Bal. 52,550 4,000 1,700 50,000 13,800 – 5,000 – 2,500 – 1,150 – 300

(h) – 1,300 – 1,300

2. Owner’s equity is the right of owners to the assets of the business. These rights are increased by owner’s investments and revenues and decreased

by owner’s withdrawals and expenses.

Misc.

Exp.

Rent

ExpenseCash

Amy

Austin,

Drawing

Supplies

Expense

Owner’s Equity

Accts.

Rec. Supplies

Accts.

Payable

Liabilities

Amy Austin,

Capital

Fees

Earned

Salaries

Expense

Auto

Exp.

Fees earned $875,000

Expenses:

Wages expense $525,000

Rent expense 75,000

Harper Borg, capital, May 1, 2015 $180,000

Net income for the year $200,000

Cash $146,000 Accounts payable $ 25,000

Accounts receivable 210,000

For the Year Ended April 30, 2016

WILDERNESS TRAVEL SERVICE

Balance Sheet

April 30, 2016

Assets Liabilities

WILDERNESS TRAVEL SERVICE

Income Statement

For the Year Ended April 30, 2016

WILDERNESS TRAVEL SERVICE

Statement of Owner’s Equity

CHAPTER 1 Introduction to Accounting and Business

Prob. 1–3B

Fees earned $125,000

Expenses:

Salaries expense $58,000

Rent expense 27,000

Jose Loder, capital, August 1, 2016 $0

Investment on August 1, 2016 $75,000

Net income for August 10,900

$85,900

Cash $38,000 Accounts payable $ 3,000

BRONCO CONSULTING

Income Statement

For the Month Ended August 31, 2016

BRONCO CONSULTING

Statement of Owner’s Equity

For the Month Ended August 31, 2016

BRONCO CONSULTING

Balance Sheet

August 31, 2016

Assets Liabilities

4. (Optional)

Cash flows from operating activities:

Cash received from customers $ 92,000

Deduct cash payments for expenses

BRONCO CONSULTING

Statement of Cash Flows

For the Month Ended August 31, 2016

+=+ –+ –––– –

(a) + 24,000 + 24,000

(b) – 3,600 – 3,600

Bal. 20,400 24,000 – 3,600

Owner’s Equity

Supplies

Accts.

Payable

Liabilities

Maria

Adams,

Capital

Sales

Comm.

Salaries

Exp.

Supplies

Exp.

Misc.

Exp.

Rent

Exp.Cash

Maria

Adams,

Drawing

Auto

Exp.

Assets

CHAPTER 1 Introduction to Accounting and Business

Prob. 1–4B (Concluded)

Sales commissions $19,800

Expenses:

Rent expense $3,600

Salaries expense 2,500

Maria Adams, capital, April 1, 2016 $0

Investment on April 1, 2016 $24,000

Net income for April 10,850

Cash $31,500 Accounts payable $ 450

Supplies 300

Balance Sheet

April 30, 2016

Assets Liabilities

CUSTOM REALTY

Income Statement

For the Month Ended April 30, 2016

CUSTOM REALTY

Statement of Owner’s Equity

For the Month Ended April 30, 2016

CUSTOM REALTY

CHAPTER 1 Introduction to Accounting and Business

Prob. 1–5B

1. Liabilities +

Cash

Accounts

Receivable Supplies Land

Accounts

Payable +Beverly Zahn, Capital

Owner’s Equity

Assets

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Accounting Chapter 1 Homework Dakota Rowe Capital April 30

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Accounting Chapter 1 Homework Dakota Rowe Capital April 30

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